Bitcoin ($BTC) smashes all-time high on back of Trump election win

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As a seasoned crypto investor with a knack for reading market trends and a keen eye for technical analysis, Wednesday’s events were nothing short of exhilarating. The simultaneous surge of Bitcoin to new heights and Trump’s victory in the U.S. election was an unparalleled spectacle that left me both amazed and amused.

On Wednesday, Bitcoin ($BTC) surpassed its previous record-high and reached an unprecedented level of $75,400, coinciding with Donald Trump’s significant victory in the American election.

Bitcoin throws off the shackles as Trump win becomes clear

Regardless of whether Donald Trump ultimately won the U.S. election or not, Bitcoin’s short-term market performance was always expected to be significantly impacted by his candidacy. However, few anticipated the massive and swift price spike that propelled Bitcoin past its previous record high and beyond, as it became clear that a Trump victory was imminent.

By Wednesday morning’s light, it was evident that Trump had secured four out of seven crucial swing states: Georgia, North Carolina, Wisconsin, and Pennsylvania, which was particularly significant. Moreover, he held a lead in the remaining three swing states, but with his victories in those four states, he had already amassed more than the 270 electoral votes required to win.

As events unfolded, the leading digital currency steadily ascended to a price point last seen in early March of this year, a sight not seen since then. Once it surpassed its all-time high, it significantly changed our perception of Bitcoin and cryptocurrencies as a whole. Given this development, one might anticipate that Bitcoin, the pioneer digital currency, is now advancing into the climactic, thrilling phase of its price surge.

$BTC reaches top of ascending channel

On a 4-hour basis, the Bitcoin ($BTC) price graph shows an upward trending channel that the coin has been moving within for the past few weeks. A significant spike in the first large green candle on Wednesday propelled the price to the channel’s peak, and currently, it seems like consolidation is happening at this level.

The price of Bitcoin has solidified at a level significantly above its previous resistance point of around $69,000, which is now functioning as a new support level for the current market trend.

Now, it’s uncertain if the price will be turned away from this peak, or if it will continue rising since the crucial higher high has been established.

If the price is rejected from here, another possible retest of the $69,000 support could occur. Whereas, if the price does break through, $77,800 is the 1.618 Fibonacci extension for this current move.

$BTC Fibonacci extension levels predict potential future prices

On the weekly Bitcoin chart, you might consider using Fibonacci retracement levels as a guide to predict potential future prices. Notably, the first extension of 1.618 lands around $102,000 – a sizable figure that could be plausible due to its close proximity to a significant round number.

To illustrate the accuracy of the Fibonacci sequence, simply observe the significance of the 0.618 level in terms of its role as both resistance and support throughout this bull run.

Should Bitcoin continue to rise, the potential level based on Fibonacci retracement could reach approximately $155,000 – an enticing and tantalizing possibility. Yet, it’s important to take things one step at a time. For now, Bitcoin needs to secure its recent gains on Wednesday. The road ahead promises many unexpected turns.

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2024-11-06 16:05